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Following the EU Referendum result in favour of Brexit, no one really knows what the future holds for the UK outside of the EU or what the impact will be on the remaining EU countries or the wider global economy. The only certainty is that things will
remain uncertain until the politicians plot a course through to our exit from the EU, new trade deals are struck, and companies reorganise their operations to reflect the new order. Short-term pain including lower growth, a possible recession, and
lower levels of company investment look likely in the UK.
Against this backdrop, law firms need to adopt the default fall-back position whenever economic turbulence arises, namely, a focus on their key clients.
When work is in short-supply – and whilst advice to clients on adapting to the changes resulting from Brexit will give a boost to income, this is likely to be offset by a fall in transactional work – firms need to protect the revenue
streams coming from their most important clients, because these will be under attack from their competitors, and winning new clients in a downturn is very difficult.
This will be the first in a series of blogs looking a
t how law firms implement effective key account management (KAM), which is about focusing the firm’s resources on a small number of its most important clients, understanding these clients’ needs, assembling a dedicated team of lawyers
for each client, and delivering an integrated, high-quality, value-adding service. If done well, these clients usually respond with increased levels of loyalty towards th
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Kevin Wheeler has been advising professional services firms on all
aspects of marketing and business development for nearly 30 years. As a
consultant he helps firms to manage and grow their key clients as well
as to win new ones. As a certified coach with WABC he works with
partners and those approaching partnership to improve their BD skills.
0330 161 1234